International conference on Islamic business ends

Islamabad

Two-day 4th International Conference on Islamic Business (ICIB- 2016), organised by Riphah Center of Islamic Business (RCIB), a constituent institute of Riphah International University (RIU), concluded here, says a press release.

The theme of the conference was 'Islamic Economics, Finance, and Entrepreneurial Development & Public Policy for the Ummah’s Socio-economic Wellbeing'.

A large number of prominent Islamic scholars and economists from Pakistan and abroad presented their papers on various subjects relating to Islamic economics and finance focusing on socio-economic wellbeing of Muslim Ummah. 

A communique, issued at the end of the deliberations, said that Islamic finance has become a global feature but it was considered that we are still far away from real objectives of the Shariah. It called for creation of a model that is truly just and directed towards fulfilling the major objectives of the Shariah. It said priority should be given to reconstructing the society and economy on the basis of our own values and resources.

It said there is a need to formulate a comprehensive and integrated financial system free from interest and gambling based features. It called for evolving a social development strategy in compliance with Shariah ensuring equitable distribution of wealth, halal and ethics based financial system along with programmes to reduce poverty and develop human capital.

The conference delegates appreciated the government, State Bank of Pakistan and SECP for their efforts in introducing Islamic banking and finance and supporting strengthening of the system by providing suitable frameworks. The communique said the Shariah scholars should play a crucial role with regard to the products of Islamic banking and finance as an alternative to the conventional products.

Federal Secretary Finance Dr. Waqar Masood Khan was the chief guest on the second day of the conference. In his address, he said the government fully supports promotion of Islamic finance in the country.

Vice Chancellor of Riphah International University Prof. Dr. Anis Ahmed thanked all institutions, academicians and professionals for holding the event successfully.